Indigo Laboratories
Indigo Laboratories develops Indigo Protocol, a decentralized synthetic assets platform on the Cardano blockchain that lets users mint iAssets (e.g., iUSD, iBTC, iETH) via collateralized debt positions, governed by the INDY-token DAO.
- Company typePrivate
- Founded2022
- HeadquartersSheridan, United States
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Indigo Laboratories does
Indigo Laboratories, Inc. is the development entity behind Indigo Protocol, a decentralized synthetic assets protocol built on the Cardano blockchain. The protocol enables users to mint synthetic assets — branded as iAssets — that mirror real-world asset prices without requiring cross-chain bridges. The current asset set includes iUSD, iBTC, iETH, iJPY, and iEUR, with prices sourced from the Pyth oracle network. Users collateralize ADA or whitelisted Cardano Native Tokens (CNTs) via Collateralized Debt Positions (CDPs) to mint iAssets, with CDP Liquid Staking preserving ADA staking rewards on locked collateral. The protocol's architecture comprises CDPs, Stability Pools that absorb liquidations, a Peg Stabilization Module (PSM) for slippage-free stablecoin swaps, the bi-directional Indigo OrderBook for limit-order trading, DexTER (an open-source DEX aggregator), and the INDY governance token with a fixed 25,000,000 max supply under V3.
The protocol is governed by the Indigo DAO, where INDY token stakers vote on parameters, new iAssets, collateral markets, and treasury allocations using an Adaptive Quorum Biasing (AQB) mechanism. Indigo Foundation, Ltd. — a Cayman Islands Limited Liability Foundation Company — holds governance authority and controls loan redemptions at V3 launch. Indigo underwent a Fair Launch in 2022 with no pre-sale or private investor distribution; the 25% Team & Labs Treasury allocation funded initial development, and the remainder was distributed to the community. Revenue accrues to the protocol Treasury via transaction fees (debt minting, redemption, stability pool deposits/withdrawals, liquidations, PSM swaps) and interest revenue splits, with no traditional enterprise pricing model. Users access the protocol through a self-serve web application at app.indigoprotocol.io, connected Cardano wallets (Nami, Eternl, Gero, NuFi, Flint, Lode), and integrations with SundaeSwap, MinSwap, Pyth, DexHunter, SteelSwap, and the MEXC centralized exchange. Indigo's headcount is in the 11–50 range, with founder Eric Coley serving as CEO.
Indigo Laboratories firmographics
Firmographics- Name
- Indigo Laboratories
- Legal name
- Indigo Laboratories, Inc.
- Website
- https://indigoprotocol.io
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Indigo Laboratories develops Indigo Protocol, a decentralized synthetic assets platform on the Cardano blockchain that lets users mint iAssets (e.g., iUSD, iBTC, iETH) via collateralized debt positions, governed by the INDY-token DAO.
- Ownership category
- akta.pro rank
Indigo Laboratories industry classification
Industry- Product category
- Decentralized Finance (DeFi) Protocol
- NAICS
- Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Decentralized Lending & Borrowing Protocols (FSADAMAA)
- akta.pro secondary industries
- Liquidity Provision & Market Making Protocols (AMMs, concentrated liquidity, LP tooling) (FSAPAEAF), DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading) (FSAPAEAD), Liquidity Management & Market-Making Protocols (FSADAMAH)
Keywords
Where Indigo Laboratories is headquartered
LocationHeadquarters
- HQ city
- Sheridan
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Indigo Laboratories business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Others
Revenue model
- Debt Minting Fee: A percentage of minted debt is deducted during the minting process and paid directly to the Treasury. If a user mints 100 iUSD debt, they receive 99.5 iUSD and 0.5 iUSD goes to the Treasury.
- Stability Pool Fees: Initial deposit fee (5 ADA), withdrawal fee (0.5%), and transaction fee (1 ADA) are redistributed to Stability Pool providers. Reward fee (2%) from ADA rewards is redistributed to INDY Stakers.
- Interest Revenue: Interest paid on CDPs generates revenue distributed through Interest Collection Script: 40% to Stability Pool depositors, 20% to Liquidity Providers, 40% to Treasury. In V3, interest is settled in iAssets.
- Liquidation Processing Fee: Percentage of collateral paid to Treasury from liquidated CDPs, capped to prevent Stability Pool providers from incurring net loss. Ensures consistent revenue during market downturns.
- Redemption Fees: Loan Redemption Processing Fee paid to Treasury in collateral asset; Loan Redemption Reimbursement Fee returns collateral to the loan; PSM minting/redemption fees; OrderBook reimbursement fees.
- Protocol Owned Liquidity (POL): Protocol acts as liquidity provider, earning trading fees from swaps and yield farming rewards (e.g., boosted incentives on MinSwap). Revenue captured directly into Treasury.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Debt Minting Fee - 0.5% of minted debt |
| Transaction based/ take rate | Pay-as-you-go | Stability Pool - Initial Deposit Fee 5 ADA |
| Transaction based/ take rate | Pay-as-you-go | Stability Pool - Withdrawal Fee 0.5% |
| Transaction based/ take rate | Pay-as-you-go | Stability Pool - Transaction Fee 1 ADA |
| Transaction based/ take rate | Pay-as-you-go | Stability Pool - Reward Fee 2% |
| Transaction based/ take rate | Pay-as-you-go | CDP Protocol Fee - 2% |
| Transaction based/ take rate | Pay-as-you-go | PSM Fees - Optional minting/redemption fees |
Go-to-market motion2 records
Distribution channels7 records
Marketing channels7 records
Indigo Laboratories product offering
Product offeringCore offering
Indigo Laboratories develops Indigo Protocol, a decentralized finance (DeFi) protocol on the Cardano blockchain that issues and manages synthetic asset tokens (iAssets) backed by crypto collateral. The protocol enables users to mint synthetic exposures to real-world assets including fiat currencies (iUSD, iEUR, iJPY) and cryptocurrencies (iBTC, iETH), trade them on an on-chain order book DEX (DEXTER), and participate in protocol governance through the INDY token and Indigo DAO.
Product overview
Indigo Laboratories developed Indigo Protocol, a decentralized synthetic assets platform on the Cardano blockchain. The core offering is the Indigo Protocol itself — a unified DeFi system combining a CDP (Collateralized Debt Position) engine, Stability Pools for liquidation insurance, the INDY governance token with DAO, a Peg Stabilization Module (PSM) for stablecoin liquidity, the bi-directional Indigo OrderBook for limit-order trading, and DexTER as an integrated DEX aggregator. The Indigo Web App serves as the primary user interface for all protocol interactions. Indigo Limitless is the V3 expansion program extending the protocol with multi-collateral support (CNTs like NIGHT and USDCx), additional synthetic assets (iJPY, iEUR), and new PSM pools. Users engage through Cardano wallets (Nami, Eternl, Flint, Gero, NuFi, Lode) with optional Ledger or Trezor hardware wallet support. The protocol is governed by INDY token stakers via the Indigo DAO and the Indigo Governance Forum.
Differentiator
Problem solved
Functional benefit
Brands
- iAssets: Synthetic assets (iUSD, iBTC, iETH, iJPY, iEUR) created within the Indigo Protocol mirroring real-world asset values.
- CDPs (Collateral Debt Positions)
- DEXTER
- Stability Pools
- Indigo OrderBook
- Peg Stabilization Module (PSM)
- INDY Token
Products and services
- Indigo Protocol Core decentralized finance protocol on the Cardano blockchain that issues and manages synthetic asset tokens (iAssets) backed by over-collateralized crypto, using CDPs, Stability Pools, a Peg Stability Module, and an on-chain order book DEX.
- DEXTER On-chain order book decentralized exchange built for trading Indigo synthetic assets (iUSD, iBTC, iETH, iEUR, iJPY) on the Cardano blockchain.
- INDY Token Native governance and utility token of Indigo Protocol, granting holders voting rights in the Indigo DAO over protocol parameters, collateral onboarding, and fee economics.
- iUSD Synthetic US Dollar token minted via Indigo Protocol Collateralized Debt Positions, backed by over-collateralized crypto assets, designed to track the value of USD on Cardano.
- iBTC Synthetic Bitcoin exposure token issued by Indigo Protocol, minted via CDPs and backed by crypto collateral, enabling Bitcoin price exposure without holding BTC natively.
- iETH Synthetic Ethereum exposure token issued by Indigo Protocol, minted via CDPs and backed by crypto collateral, enabling ETH price exposure without holding ETH natively.
- iEUR Synthetic Euro token minted via Indigo Protocol Collateralized Debt Positions, designed to track the value of the Euro and backed by over-collateralized crypto.
- iJPY Synthetic Japanese Yen token minted via Indigo Protocol Collateralized Debt Positions, designed to track the value of the Yen and backed by over-collateralized crypto.
Quantifiable outcome
- Over 60% of INDY circulating supply staked by community
- +3 more outcomes
Companies that use Indigo Laboratories
Customer profileSegments5 records
Ideal customer profiles2 records
Indigo Laboratories technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration22 records
Feature10 records
Indigo Laboratories partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core.
- PythcorePyth provides real-time price feeds for all iAssets in V3. Indigo migrated from previous oracle infrastructure to Pyth's pull-based oracle architecture, enabling more scalable and efficient pricing across the protocol.
- SundaeSwapcoreSundaeSwap is the incentivized DEX for Stability Pool rewards distribution. Interest Collection Script sends funds to Sundae for 15-minute snapshot distributions to pool users. Also supports INDY trading.
- MinSwapcoreMinSwap is the incentivized DEX for Liquidity Pool distributions. Protocol-owned liquidity positions may earn additional yield farming rewards through boosted incentives on MinSwap.
- MEXCcoreMEXC is a centralized exchange where INDY token is available for trading, providing access to INDY for users outside the Cardano ecosystem.
- 3ELcore3EL represents core contributors who monitor V3 market launches alongside the Indigo Foundation and will introduce future iAssets, collateral markets, and PSM pool proposals through DAO governance.
- Cardano FoundationcoreCardano is the underlying blockchain powering Indigo Protocol. The protocol is built on Cardano's secure, decentralized, and scalable blockchain infrastructure.
- Indigo FoundationcoreIndigo Foundation Ltd. (Cayman Islands Limited Liability Foundation Company) governs the protocol and controls loan redemptions through an optional protocol-configurable redeemer signer at V3 launch.
Scale indicators5 records
Recent moves6 records
Expansion highlights4 records
Indigo Laboratories competitors and assessment
Company assessmentDirect peers
- MakerDAO / Sky: Decentralized CDP-based protocol for minting DAI (and now USDS) stablecoins against crypto collateral. Pioneer of the CDP architecture that Indigo replicates for synthetic asset minting on Cardano; same underlying mechanism, different chain and asset scope.
- Djed (COTI): Cardano-native algorithmic stablecoin protocol (SHEN reserve coin, DJED stablecoin) using a similar overcollateralized CDP model. Direct competitor on the same chain for stablecoin liquidity and CDP-based minting.
- Inverse Finance: Ethereum-based DeFi protocol offering synthetic assets (DOLA, iETH, iBTC) and a lending market. Comparable synthetic asset product with similar CDP-style minting and governance-token fee sharing mechanics.
- Meld: Cardano-native lending and borrowing protocol enabling users to lend/borrow crypto assets. Operates on the same chain as Indigo with overlapping DeFi primitives, though focused on lending rather than synthetic assets.
- Liquity: CDP-based borrowing protocol on Ethereum enabling interest-free minting of LUSD against ETH collateral, with Stability Pool liquidations and LQTY governance token. Direct architectural peer to Indigo's CDP + Stability Pool + governance token design.
- Duet Protocol: Multi-chain synthetic asset protocol enabling minting of pegged assets (dAssets) against crypto collateral. Comparable synthetic asset minting model with multi-chain reach, partially overlapping Indigo's iAsset offering.
- Synthetix: Decentralized synthetic asset protocol on Ethereum and Optimism enabling minting of synthetic versions of crypto, forex, and commodities via staking collateral. Closest direct competitor to Indigo in product category (synthetic assets via overcollateralization) but operates on a different blockchain stack.
Emerging players
- Linear Finance: Cross-chain synthetic asset protocol (LINA token) offering synthetic stocks, commodities, and crypto exposure. Smaller-scale peer with similar synthetic asset product focus, providing a niche comparable benchmark.
Regional players
- Liqwid: Cardano-native liquid staking and lending protocol enabling ADA and CNT holders to earn staking yield while accessing lending markets. Same-chain peer with overlapping ADA staking utility that Indigo's CDP Liquid Staking competes against for collateral flow.
Broad incumbents
- dForce: Multi-chain DeFi protocol suite offering stablecoins (USX), lending, and synthetic assets across Ethereum, Arbitrum, BNB Chain, and other networks. Broader incumbent with overlapping CDP and stablecoin primitives but a wider product portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Indigo Laboratories social profiles
Digital presenceIndigo Laboratories financial estimates
Financial estimateRevenue estimate
Valuation estimate
Indigo Laboratories leadership team
Management profileNumber of profiles
Profiles1 record
Indigo Laboratories funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Indigo Laboratories M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Indigo Laboratories
What does Indigo Laboratories do?
Indigo Laboratories develops Indigo Protocol, a decentralized finance (DeFi) protocol on the Cardano blockchain that issues and manages synthetic asset tokens (iAssets) backed by crypto collateral. The protocol enables users to mint synthetic exposures to real-world assets including fiat currencies (iUSD, iEUR, iJPY) and cryptocurrencies (iBTC, iETH), trade them on an on-chain order book DEX (DEXTER), and participate in protocol governance through the INDY token and Indigo DAO.
Is Indigo Laboratories a public or private company?
Indigo Laboratories is a private company. It is classified as unknown and is currently operating.
When was Indigo Laboratories founded?
Indigo Laboratories was founded in 2022. It employs 11 to 50 people.
Where is Indigo Laboratories based?
Indigo Laboratories is headquartered in Sheridan, United States, in the North America region.
How does Indigo Laboratories make money?
Six revenue lines are on record. Debt Minting Fee is the primary driver. The others are stability Pool Fees, interest Revenue, liquidation Processing Fee, redemption Fees and protocol Owned Liquidity (POL).
Who are Indigo Laboratories's main competitors?
Direct peers on record are MakerDAO / Sky, Djed (COTI), Inverse Finance, Meld, Liquity, Duet Protocol and Synthetix. Linear Finance is listed as an emerging player. Liqwid is listed as a regional player. dForce is listed as a broad incumbent.
Does Indigo Laboratories have an API?
No public API is recorded for Indigo Laboratories.
What industry is Indigo Laboratories in?
Indigo Laboratories's product category is Decentralized Finance (DeFi) Protocol. Its primary akta.pro industry code is FSADAMAA, Decentralized Lending & Borrowing Protocols, with a secondary code of FSAPAEAF, Liquidity Provision & Market Making Protocols (AMMs, concentrated liquidity, LP tooling). Its NAICS code is 523 and its SIC code is 6200.